- The amount that the record-holding CryptoPunks NFT resold for is unknown, but the value of other Punks is plummeting, making them difficult to sell at auction.
Monday saw the sale of the most expensive CryptoPunk ever offered for an undisclosed amount, during the historic decline in the value of “blue chip” NFTs.
One of the nine extremely rare Alien Punks in the collection of 10,000 Ethereum NFTs, CryptoPunk #5822, was previously sold to cryptocurrency CEO Deepak Thapliyal for around $24 million back in February 2022. Thapliyal revealed early on Monday that he had finally sold his Punk, although he did not say to whom or how much.
CryptoPunk #5822 was sent from the executive’s address to an anonymous Ethereum wallet that contained nothing except the NFT, according to on-chain statistics.
The sale occurs at a moment when NFT collections—including those of formerly unflappable companies like CryptoPunks—are hitting low points not seen since the innovative token format gained popularity in 2021.
Even the most affordable stated CryptoPunk cost more than $200,000 at the time of Thapliyal’s multi-million dollar Punk purchase during the height of the NFT bull run. According to data from NFT Price Floor, that amount—referred to as a project’s price floor—has since decreased for CryptoPunks, to roughly $59,000 at the time of writing.
The CryptoPunks price floor dropped below $44,000 earlier this month, marking a somber milestone that hasn’t been reached since the collections’ first ascent to astounding valuations in 2021.
Owing to the cult status of CryptoPunks—possibly the first NFT collection to define the potential of the entire asset class—Punks have received a lot of attention from gatekeepers of mainstream culture, including luxury brands, auction houses, and museums.
However, the collection’s once-unbreakable hold might be loosening even in the art world. Two CryptoPunks were included in a Sotheby’s digital art auction over the weekend, but no bids were placed for the NFTs above their minimum $60,000.
The head of Sotheby’s digital art department, Michael Bouhanna, declared on Monday that the minimum asking prices, or reserves, for both CryptoPunks had been reduced to $45,000 each. Both still appear to have received no offers as of this writing.
In spring of this year, three Alien Punks made at least $12 million each over several weeks, with the highest sale amounting to $16.42 million worth of Ethereum at the time of the transaction—against the previous drops.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
